Raintree Partners spends $79M on Glendale multifamily portfolio

Combined, the seven properties include 231 units

Los Angeles /
Jun.June 05, 2019 03:00 PM
Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)
Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

A multifamily developer based in Orange County is making a big bet on Glendale.

Raintree Partners has paid $79 million to acquire a seven-property multifamily portfolio in the region, according to a company announcement released Wednesday.

Property records reveal the seller of the portfolio was Myrna Frame, a Redondo Beach resident who sold the properties through various LLCs.

The portfolio includes 231 units, which will be rebranded as “The Indie Collection” once Raintree completes its improvements on the buildings. Plans call for upgrading the exteriors and amenity areas, as well as other maintenance, Raintree said in the statement.

The largest property in the portfolio is an 80-unit complex at 1435 Stanley Avenue, which records show traded for $50 million on May 13. Its second largest purchase is a 52-unit apartment building, dubbed Justin Oaks Apartments, at 1133 Justin Avenue.

Also included in the portfolio is an eight-unit building on North Everett Street, a 14-unit building on Wilson Avenue, a 33-unit property on Chestnut Street, a 22-unit building on North Columbus Avenue and a 20-unit structure at Burchett Street.

The Los Angeles Business Journal first reported Raintree’s purchase.

The Dana Point-based firm, led by CEO Jeffrey Allen, is also working on two ground-up multifamily developments in Long Beach. Just a few blocks from each other, the projects would include 407 apartments and 17,300 square feet of retail space total.


Related Articles

arrow_forward_ios
Redcar Properties CEO Jim Jacobsen with Dynasty Center (Google Maps, Industry Partners)
Redcar buys Dynasty shopping center in Chinatown
Redcar buys Dynasty shopping center in Chinatown
Sandstone Properties CEO Eri Kroh with a rendering of the project (Sandstone, The Jeff Hotel)
Culver City approves `The Jeff,’ Sandstone Properties’ 175-unit hotel
Culver City approves `The Jeff,’ Sandstone Properties’ 175-unit hotel
Apple delays return to office by a month
Apple delays return to office by a month
Apple delays return to office by a month
AMC CEO Adam Aron and The Grove and Americana theaters (Getty, Google Maps)
Coming attraction: AMC inks leases at the Grove, Americana theaters
Coming attraction: AMC inks leases at the Grove, Americana theaters
Stos Partners Principal CJ Stos and 159 N San Antonio Avenue 
Stos Partners pays $22M for Pomona warehouse
Stos Partners pays $22M for Pomona warehouse
The assistance is available to theaters with fewer than 99 seats (Getty)
California lawmakers set aside $50M in massive state budget to aid small theaters
California lawmakers set aside $50M in massive state budget to aid small theaters
Elon Musk and 19640 Cajon Boulevard (Alere Property Group, Getty)
Tesla drives into San Bernardino with big warehouse deal
Tesla drives into San Bernardino with big warehouse deal
Goodman Group CEO Gregory Goodman with renderings of the facility (Goodman, Relativity Space)
Goodman signs spaceflight startup to 1.3M-sf former Boeing site
Goodman signs spaceflight startup to 1.3M-sf former Boeing site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...